REGISTERED NUMBER: 06883096 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 NOVEMBER 2023 TO 30 APRIL 2025

FOR

CARIDON PROPERTY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

M J Carrozzo

REGISTERED OFFICE:

1 Kings Avenue

Winchmore Hill

London

N21 3NA

REGISTERED NUMBER:

06883096 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

BANKERS:

Barclays Bank Plc

The director presents his strategic report of the company and the group for the period 1 November 2023 to 30 April 2025.

REVIEW OF BUSINESS

The principal activities of the group during the period were specialist rent guarantee, lettings and property management services.

The period under review covered 18 months following the change in accounting reference date to 30 April 2025. As a result, the current period results are not directly comparable with the 12-month comparative year ended 31 October 2023.

The group reported revenue of £40,299,506 for the period (2023: £23,273,693), with gross profit increasing to £6,460,566 (2023: £3,259,785). Gross margin improved to 16.03% (2023: 14.01%), reflecting continued management of direct costs and the composition of services delivered during the period.

Profit before taxation for the period was £789,770 (2023: £700,308). Although the group remained profitable, administrative expenses increased to £5,670,289 (2023: £2,620,979), reflecting the longer reporting period, continued investment in operational capacity and the cost base required to support the expanded property portfolio.

The group continued to operate within a competitive market and maintained its focus on service quality, cost control, debtor collection and the management of working capital. The director remains focused on maintaining existing customer and local authority relationships while pursuing commercially appropriate opportunities for growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The director actively monitors the principal risks affecting the group. The principal risks and uncertainties considered relevant to the group are set out below.

Competition Risk

The group operates in a competitive market and is dependent on maintaining strong relationships with landlords, tenants and local authority partners. Certain arrangements may be subject to competitive tender or renewal processes. The director mitigates this risk through service quality, pricing discipline, monitoring customer requirements and maintaining regular communication with key stakeholders.

Credit risk

The group is exposed to the risk that customers or counterparties fail to discharge amounts due. This risk is managed through credit control procedures, monitoring of aged debt, review of recoverability and escalation of overdue balances where appropriate.

Liquidity and working capital risk

The group requires sufficient liquidity to meet landlord payments, supplier obligations and operating costs as they fall due. At 30 April 2025, the group had net current assets of £1,980,105 (2023: £1,618,732) and cash at bank and in hand of £835,905 (2023: £1,674,607). Cash decreased during the period, principally reflecting working capital movements, including an increase in debtors. The director continues to monitor cash flow forecasts, debtor collection and supplier payment profiles.

Regulatory and compliance risk

The group operates in a regulated property and lettings environment and is required to comply with relevant legal, contractual and operational obligations. The director seeks to manage this risk through internal procedures, oversight of operational teams and regular review of compliance matters.

Reputational risk

The group's reputation is important to maintaining relationships with customers, landlords, tenants and local authorities. The director seeks to mitigate reputational risk by maintaining service standards, responding to issues on a timely basis and monitoring operational performance.

KEY PERFORMANCE INDICATORS

The director considers the following to be the key performance indicators of the group. The current period covers 18 months and the comparative figures are for the year ended 31 October 2023.

Details

2025

2023

Revenue

£40,299,506

£23,273,693

Gross profit

£6,460,566

£3,259,785

Gross margin

16.03%

14.01%

Profit before tax

£789,770

£700,308

Net assets

£2,658,673

£2,253,833

Net current assets

£1,980,105

£1,618,732

FINANCIAL POSITION

The group remained profitable during the period and continues to manage its cost base and working capital closely. Cash at bank and in hand reduced to £835,905 (2023: £1,674,607), primarily reflecting working capital movements in the period. The director continues to monitor cash flow, debtor recovery and operational expenditure to support the group's ongoing activities.

FUTURE DEVELOPMENTS

The director intends to continue developing the group through disciplined growth, maintaining relationships with existing partners and pursuing further opportunities in the property management and rent guarantee market where commercially appropriate. The group will continue to focus on service quality, cost control and working capital management.

ON BEHALF OF THE BOARD:

M J Carrozzo - Director

3 December 2025

The director presents his report with the financial statements of the company and the group for the period 1 November 2023 to 30 April 2025.

DIVIDENDS

An interim dividend of 203.994 per share on the Ordinary B £0.1 shares amounting to £203,994 was paid on 30 April 2025. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £0.01 shares. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary D £0.01 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 30 April 2025 will be £203,994.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTOR

M J Carrozzo held office during the whole of the period from 1 November 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company made charitable donations of £22,296 (2023: £3,388).

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Carrozzo - Director

3 December 2025

Opinion

We have audited the financial statements of Caridon Property Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedure described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with law and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alekos Christofi (FCCA) (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

3 December 2025

REVENUE

3

40,299,506

23,273,693

Cost of sales

33,838,940

20,013,908

GROSS PROFIT

6,460,566

3,259,785

Administrative expenses

5,670,289

2,620,979

790,277

638,806

Other operating income

11,880

70,127

OPERATING PROFIT

6

802,157

708,933

Interest receivable and similar income

9

163

802,166

709,096

Interest payable and similar expenses

7

12,396

8,788

PROFIT BEFORE TAXATION

789,770

700,308

Tax on profit

8

180,961

200,963

PROFIT FOR THE FINANCIAL PERIOD

608,809

499,345

Profit attributable to:

Owners of the parent

609,844

499,345

Non-controlling interests

(1,035

)

-

608,809

499,345

PROFIT FOR THE PERIOD

608,809

499,345

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

608,809

499,345

Total comprehensive income attributable to:

Owners of the parent

609,844

499,345

Non-controlling interests

(1,035

)

-

608,809

499,345

FIXED ASSETS

Property, plant and equipment

11

878,682

841,860

Investments

12

Interest in associate

185

185

878,867

842,045

CURRENT ASSETS

Debtors

13

4,765,417

3,657,112

Cash at bank and in hand

835,905

1,674,607

5,601,322

5,331,719

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14

3,621,217

3,712,987

NET CURRENT ASSETS

1,980,105

1,618,732

TOTAL ASSETS LESS CURRENT LIABILITIES

2,858,972

2,460,777

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

15

(20,270

)

(15,833

)

PROVISIONS FOR LIABILITIES

18

(180,029

)

(191,111

)

NET ASSETS

2,658,673

2,253,833

CAPITAL AND RESERVES

Called up share capital

19

200

200

Capital redemption reserve

20

5

5

Retained earnings

20

2,659,478

2,253,628

SHAREHOLDERS' FUNDS

2,659,683

2,253,833

NON-CONTROLLING INTERESTS

(1,010

)

-

TOTAL EQUITY

2,658,673

2,253,833

The financial statements were approved by the director and authorised for issue on 3 December 2025 and were signed by:

M J Carrozzo - Director

FIXED ASSETS

Property, plant and equipment

11

576,002

554,131

Investments

12

1,260

285

577,262

554,416

CURRENT ASSETS

Debtors

13

4,776,716

3,414,506

Cash at bank and in hand

783,568

1,629,575

5,560,284

5,044,081

CREDITORS

Amounts falling due within one year

14

3,459,529

3,502,903

NET CURRENT ASSETS

2,100,755

1,541,178

TOTAL ASSETS LESS CURRENT LIABILITIES

2,678,017

2,095,594

CREDITORS

Amounts falling due after more than one year

15

(833

)

(15,833

)

PROVISIONS FOR LIABILITIES

18

(143,178

)

(137,000

)

NET ASSETS

2,534,006

1,942,761

CAPITAL AND RESERVES

Called up share capital

19

200

200

Capital redemption reserve

20

5

5

Retained earnings

20

2,533,801

1,942,556

SHAREHOLDERS' FUNDS

2,534,006

1,942,761

Company's profit for the financial year

795,239

682,781

The financial statements were approved by the director and authorised for issue on 3 December 2025 and were signed by:

M J Carrozzo - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 November 2022

200

1,890,279

5

Changes in equity

Dividends

-

(135,996

)

-

Total comprehensive income

-

499,345

-

Balance at 31 October 2023

200

2,253,628

5

Changes in equity

Dividends

-

(203,994

)

-

Total comprehensive income

-

609,844

-

200

2,659,478

5

Acquisition of non-controlling interest

-

-

-

Balance at 30 April 2025

200

2,659,478

5

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 November 2022

1,890,484

-

1,890,484

Changes in equity

Dividends

(135,996

)

-

(135,996

)

Total comprehensive income

499,345

-

499,345

Balance at 31 October 2023

2,253,833

-

2,253,833

Changes in equity

Dividends

(203,994

)

-

(203,994

)

Total comprehensive income

609,844

(1,035

)

608,809

2,659,683

(1,035

)

2,658,648

Acquisition of non-controlling interest

-

25

25

Balance at 30 April 2025

2,659,683

(1,010

)

2,658,673

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2022

200

1,395,771

5

1,395,976

Changes in equity

Dividends

-

(135,996

)

-

(135,996

)

Total comprehensive income

-

682,781

-

682,781

Balance at 31 October 2023

200

1,942,556

5

1,942,761

Changes in equity

Dividends

-

(203,994

)

-

(203,994

)

Total comprehensive income

-

795,239

-

795,239

Balance at 30 April 2025

200

2,533,801

5

2,534,006

Cash flows from operating activities

Cash generated from operations

1

(135,725

)

866,193

Interest paid

(9,213

)

(8,315

)

Interest element of finance lease payments paid

(3,183

)

(473

)

Tax paid

(153,907

)

(140,091

)

Net cash from operating activities

(302,028

)

717,314

Cash flows from investing activities

Purchase of tangible fixed assets

(313,436

)

(343,958

)

Sale of tangible fixed assets

7,500

21,659

Interest received

9

163

Net cash from investing activities

(305,927

)

(322,136

)

Cash flows from financing activities

Loan repayments in year

(15,000

)

(10,000

)

Capital repayments in year

(11,753

)

(22,722

)

Equity dividends paid

(203,994

)

(135,996

)

Net cash from financing activities

(230,747

)

(168,718

)

(Decrease)/increase in cash and cash equivalents

(838,702

)

226,460

Cash and cash equivalents at beginning of period

2

1,674,607

1,448,147

Cash and cash equivalents at end of period

2

835,905

1,674,607

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.11.23

to

Year Ended

30.4.25

31.10.23

£

£

Profit before taxation

789,770

700,308

Depreciation charges

263,975

147,168

Loss/(profit) on disposal of fixed assets

5,140

(9,663

)

Finance costs

12,396

8,788

Finance income

(9

)

(163

)

1,071,272

846,438

(Increase)/decrease in trade and other debtors

(1,108,306

)

91,482

Decrease in trade and other creditors

(98,691

)

(71,727

)

Cash generated from operations

(135,725

)

866,193

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 30 April 2025

30.4.25

1.11.23

£

£

Cash and cash equivalents

835,905

1,674,607

Year ended 31 October 2023

31.10.23

1.11.22

£

£

Cash and cash equivalents

1,674,607

1,448,147

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank and in hand

1,674,607

(838,702

)

835,905

1,674,607

(838,702

)

835,905

Debt

Finance leases

(38,206

)

11,753

(26,453

)

Debts falling due within 1 year

(10,000

)

-

(10,000

)

Debts falling due after 1 year

(15,833

)

15,000

(833

)

(64,039

)

26,753

(37,286

)

Total

1,610,568

(811,949

)

798,619